Equipment House net profit after minorities up 4% to SAR 77.6 mln in 2021
Scientific & Medical Equipment House Co. reported a net profit after minorities of SAR 77.6 million for 2021, a 4% increase from SAR 74.8 million in the year-earlier period.
Financials (Million Riyal)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 617.48 | 699.45 | 13.3 % |
| Gross Income | 150.85 | 152.98 | 1.4 % |
| Operating Income | 88.06 | 83.42 | (5.3 %) |
| Net Income | 74.76 | 77.52 | 3.7 % |
| Average Shares | 30.00 | 30.00 | - |
| Earnings Per Share before unusual items (Riyals) | 2.49 | 2.46 | (1.3 %) |
| EPS (Riyal) | 2.49 | 2.58 | 3.7 % |
The profit rise was attributed to winning and commencing six new projects during 2021 with total contracts value of SAR 258.4 million, in addition to projects won and commenced at the end of 2020 and continued in 2021 with total value of SAR 267.4 million.
Current Quarter Comparison (Million Riyal)
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | - | 205.30 | - |
| Gross Income | - | 39.07 | - |
| Operating Income | - | 17.52 | - |
| Net Income | - | 17.45 | - |
| Average Shares | - | 30.00 | - |
| Earnings Per Share before unusual items (Riyal) | - | 0.58 | - |
| EPS (Riyal) | - | 0.58 | - |
Shareholders’ equity, after minority interest, grew by 10.6% to SAR 473.458 million as of Dec. 31, 2021, from SAR 428.002 million a year earlier.
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Share Price
| Current | |
| Market Cap (M Riyal) | 870.00 |
| Enterprise Value (EV) (M Riyal) | 992.61 |
| Shares Outstanding ((M)) | 30.00 |
| Recurring EPS ( Riyal) (TTM) | 0.95 |
| Book Value (BV) ( Riyal) | 16.89 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E (TTM) | 30.53 |
| P/E (TTM) | 30.53 |
| Price/book | 1.72 |
| Dividend Yield (%) (Last Year) | 3.45 |
| Return on Average Assets (%) (TTM) | 3.0 |
| Return on Average Equity (%) (TTM) | 5.6 |
| EV/adj EBITDA | 17.51 |
| EV/Revenues | 1.27 |
Financial results (Million Riyal)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2021 | 151.56 | - | 32.66 | - | 19.39 | - |
| Q2 2021 | 166.08 | - | 43.72 | - | 27.30 | - |
| Q3 2021 | 176.51 | - | 37.54 | - | 19.21 | - |
| Q4 2021 | 205.30 | - | 39.07 | - | 17.52 | - |
| 2021 | 699.45 | 13.3 % | 152.98 | 1.4 % | 83.42 | (5.3 %) |
Profit Performance (Million Riyal)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2021 | 19.19 | - | 0.64 | 3.74 | 15.45 | 0.52 |
| Q2 2021 | 23.92 | - | 0.80 | - | 23.92 | 0.80 |
| Q3 2021 | 16.97 | - | 0.57 | - | 16.97 | 0.57 |
| Q4 2021 | 17.45 | - | 0.58 | - | 17.45 | 0.58 |
| 2021 | 77.52 | 3.7 % | 2.58 | 3.74 | 73.79 | 2.46 |
Profitability
| Period | Gross Margin | Adjusted EBITDA margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2020 | - | - | - |
| Q2 2020 | - | - | - |
| Q3 2020 | - | - | - |
| Q4 2020 | - | - | - |
| 2020 | 24.43 % | 15.84 % | 12.11 % |
| Q1 2021 | - | - | - |
| Q2 2021 | - | - | - |
| Q3 2021 | - | - | - |
| Q4 2021 | 21.87 % | 13.81 % | 10.55 % |
| 2021 | 21.87 % | 13.81 % | 10.55 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2021 | 30.00 | - | - | - |
| Q2 2021 | 30.00 | - | - | 14.70 |
| Q3 2021 | 30.00 | - | - | - |
| Q4 2021 | 30.00 | 2.58 | 2.46 | 15.78 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2021 | - | - | - |
| Q2 2021 | - | - | - |
| Q3 2021 | - | - | - |
| Q4 2021 | - | - | - |
Business Segments (Million Riyal)
Q4 2021
| Period | Operation and maintenance | Sales of medical devices and revenue from after-sales maintenance services | Construction | Medications and Medical Supplies | Meat and Food | Eliminations |
|---|---|---|---|---|---|---|
| Q1 2021 | 123.04 | 8.50 | 10.54 | 7.37 | 2.34 | (0.22) |
| Q2 2021 | 137.92 | 8.50 | 10.44 | 8.00 | 2.87 | (1.64) |
| Q3 2021 | 145.75 | 12.85 | 8.66 | 5.88 | 4.01 | (0.65) |
| Q4 2021 | 164.19 | 33.17 | 20.44 | (4.60) | 1.30 | (9.20) |
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